The European Commission released on Thursday its Winter 2022 Economic Forecast, increasing the Eurozone inflation forecast for the year from 2.2% to as much as 3.5%. However, the Commission said it expects inflation to decline to 1.7% next year, APA-Economics reports citing foreign media.
The euro area's economic growth forecast has also been downscaled from 4.3% to 4% for 2022, while on the other hand, the Commission revised the 2023 forecast up from 2.4% to 2.7%.
"This forecast assumes that the impact on the economy caused by the current wave of infections will be short-lived and that most of the supply bottlenecks will fade in the course of the year. Finally, inflationary pressures are expected to moderate towards the end of the year," the report concluded.
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